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May 2012 - Feature

Facts, Anyone?

Stories about dealer practices that harm consumers are prevalent, but the facts seem to be difficult to come by.

By Tom Hudson

Stories about dealer practices that harm consumers are prevalent, but the facts seem to be difficult to come by.

Tags: CFPB, Compliance, FTC, Hudson Cook LLP

January 2012 - Feature

Updated: True Controversy

TrueCar is taking fire from dealers, trainers and state motor vehicle boards, but its embattled founder says the company will survive.

By Gregory Arroyo

TrueCar is taking fire from dealers, trainers and state motor vehicle boards, but its embattled founder says the company will survive.

Tags: Compliance, Internet leads, lead generation, TrueCar

January 2012 - Feature

A New Game Plan

Dealers have done well to defend themselves against the oncoming blitz of new regulations, but the magazine’s newest compliance expert says there are a few downs left to play.

By Gil Van Over

Dealers have done well to defend themselves against the oncoming blitz of new regulations, but the magazine’s newest compliance expert says there are a few downs left to play.

Tags: CFPB, Compliance, Consumer Financial Protection Bureau, Federal Trade Commission, LEGAL, TILA, Truth in Lending Act

December 2011 - Feature

Arbitrary Enforcement

A landmark Supreme Court decision has helped to clarify the enforceability of arbitration agreements, but several key questions remain.

By Chip Zyvoloski

A landmark Supreme Court decision has helped to clarify the enforceability of arbitration agreements, but several key questions remain.

Tags: arbitration agreements, Compliance, LEGAL

December 2011 - Feature

Just the Facts, Ma’am

After sitting through three roundtables’ worth of tired anecdotes from consumer advocates, the magazine’s legal expert hopes the FTC will keep its word and rely on empirical data before instituting new regulations.

By Michael A. Benoit

After sitting through three roundtables’ worth of tired anecdotes from consumer advocates, the magazine’s legal expert hopes the FTC will keep its word and rely on empirical data before instituting new regulations.

Tags: CFPB, Compliance, Consumer Financial Protection Bureau, LEGAL, legislation

September 2011 - Feature

4 Social Media Pitfalls to Avoid

The social media sphere offers great opportunities to market your store, but there are several legal traps inherent to this type of viral marketing. Compliance expert reviews four of them in this digital marketing primer.

<p>Dan Kilian and Kristina Reid of Meade Lexus in Southfield, Mich., are using social media to raise the dealership&rsquo;s online profile. But they also have taken steps to remain compliant, adding links to any required disclosure statements.</p>

By Jim Radogna

The social media sphere offers great opportunities to market your store, but there are several legal traps inherent to this type of viral marketing. Compliance expert reviews four of them in this digital marketing primer.

Tags: Compliance, digital compliance, policies and procedures, Social Media, Web Marketing

September 2011 - Feature

Spotting by the Book

The magazine’s legal wiz shares a textbook case on what not to do when spot delivering a vehicle.

By Tom Hudson

The magazine’s legal wiz shares a textbook case on what not to do when spot delivering a vehicle.

Tags: Compliance, Fair Credit Reporting Act, Federal Trade Commission, LEGAL

August 2011 - Feature

To Charge or Not to Charge

Can you charge a customer’s down payment to a credit card? The magazine’s legal wiz says the answer has more to do with economics than the law of the land.

By Michael A. Benoit

Can you charge a customer’s down payment to a credit card? The magazine’s legal wiz says the answer has more to do with economics than the law of the land.

Tags: Compliance, credit, down payment, Truth in Lending Act

July 2011 - Feature

More Questions than Answers as CFPB Gets Set to Go Live

The leadership may still be up for grabs at the CFPB, but the newly formed consumer watchdog agency will hit the ground running on July 21.

By Tom Hudson

The leadership may still be up for grabs at the CFPB, but the newly formed consumer watchdog agency will hit the ground running on July 21.

Tags: CFPB, Compliance, Consumer Financial Protection Bureau, finance, LEGAL

June 2011 - Feature

Dealers Guide to Compliance

Before you select your next compliance software tool, read this primer on connecting technology to your dealership’s compliance processes.

<p>The multimillion-dollar settlement against five captive lenders for discriminatory practices early last decade will be fresh in regulators&rsquo; minds for years to come. Dealers who demonstrate a willingness and ability to play within the rules will benefit as auto lending continues its comeback.</p>

By Joe Bartolone

Before you select your next compliance software tool, read this primer on connecting technology to your dealership’s compliance processes.

Tags: Compliance, Consumer Financial Protection Bureau, E-CONTRACTING, electronic document storage, Federal Trade Commission, technology

May 2011 - Feature

5 Steps to Compliance

Building a compliance program doesn’t necessarily require a big investment, but it does take a commitment. Expert lays out a plan for improving your dealership’s level of compliance.

By Jim Radogna

Building a compliance program doesn’t necessarily require a big investment, but it does take a commitment. Expert lays out a plan for improving your dealership’s level of compliance.

Tags: Compliance, policies and procedures

May 2011 - Feature

Impressions From Detroit

Thanks in part to recycled anecdotes from consumer advocates, the industry fared better than expected at the FTC’s first roundtable discussion.

By Tom Hudson

Thanks in part to recycled anecdotes from consumer advocates, the industry fared better than expected at the FTC’s first roundtable discussion.

Tags: Compliance, Federal Trade Commission, LEGAL

May 2011 - Cover Story

Checks and Balances

As the finance director and compliance officer for three stores, Charlene Burch-Heinzig has helped keep her group on the road to success.

<p>Burch-Heinzig is flanked by sales manager and longtime Anderson veteran Jon Godinez, fleet manager Rich Flores and the newest member of the Anderson finance team, Will Pettaway, who was recently promoted from the sales floor.</p>

By Tariq Kamal

As the finance director and compliance officer for three stores, Charlene Burch-Heinzig has helped keep her group on the road to success.

Tags: Compliance, credit unions, dealer, F&I manager, recession

January 2011 - Feature

The Hunt for Noncompliant Dealers

The FTC has been poking around at some dealerships in recent months. What is the agency looking for? The magazine’s legal expert weighs in.

By Tom Hudson

The FTC has been poking around at some dealerships in recent months. What is the agency looking for? The magazine’s legal expert weighs in.

Tags: Compliance, Federal Trade Commission

January 2011 - Feature

First Line of Defense

Karina Grile worked overtime to get Voss Auto Network’s stores in line with the industry’s newest rule — one that experts say could be a blessing in disguise.

By Gregory Arroyo

Karina Grile worked overtime to get Voss Auto Network’s stores in line with the industry’s newest rule — one that experts say could be a blessing in disguise.

Tags: Compliance, CoreLogic Credco, DEALERTRACK, Federal Trade Commission, Red Flags Rule, Reynolds & Reynolds, RouteOne, Voss Auto Network, Wolters Kluwer Financial Services

December 2010 - Feature

The Exception is the Rule

F&I’s legal wiz serves up a nice reminder of two federal rules coming down the pike in January. Are you ready?

By Michael A. Benoit

F&I’s legal wiz serves up a nice reminder of two federal rules coming down the pike in January. Are you ready?

Tags: Compliance, DEALERTRACK, Fair and Accurate Credit Transactions Act of 2003, FEDERAL REGULATION, Federal Trade Commission, RouteOne

November 2010 - Feature

Navigating Healthcare Reform

By Christian Bergstrom

Expert breaks down healthcare reform’s first wave of requirements and offers some insight on what to expect in 2011.

Tags: Compliance, healthcare reform

June 2010 - Feature

A Bona-Fide Defense

The bona-fide and good-faith precedent was set by two U.S. Supreme Court rulings in 1998. Today, those rulings guide how regulations are written and how organizations comply.

By Jim Lawrence

What exactly does the Federal Trade Commission mean by ‘bona fide’ or ‘good faith’? With the Red Flags Rule set to go live this month, dealer compliance expert provides the answer.

Tags: Compliance, Federal Trade Commission, Red Flags Rule

April 2010 - Feature

Truncation Redux

By Michael Benoit

The magazine’s legal columnist cites two recent cases to provide dealer guidance on the FCRA’s ‘truncation’ requirement.

Tags: Compliance, credit, Fair and Accurate Credit Transactions Act of 2003, Fair Credit Reporting Act, LEGAL

March 2010 - Feature

New Credit Rules Decoded

By Randy Henrick

Risk-Based Pricing Rules represent the latest in consumer-protection regulations, but they aren’t easy to decipher. Compliance expert breaks down the rules and offers some guidance.

Tags: Compliance, credit reports, Credit Scores, Federal Trade Commission, Risk-Based Pricing Notices

March 2010 - Feature

Connecting the Dots

By Tom Hudson

Most legal predicaments dealers find themselves in could have been averted if they'd only connected the dots. The magazine's legal wiz weighs in.

Tags: Compliance, LEGAL

February 2010 - Feature

Time to Uphold Our Job Requirement

By Gregory Arroyo

The verdict on the impact of the Fed's new rule is still out, but its requirements might just be what the doctor ordered for our business.

Tags: Adverse Action Notice, Compliance, Fair and Accurate Credit Transactions Act of 2003, Federal Reserve, Federal Trade Commission, Risk-Based Pricing Notices

February 2010 - Feature

Raising the Odds

By Gregory Arroyo

Three compliance experts attempt to map out a dealer’s best-chance deal. In the end, all roads lead back to compliance.

Tags: Compliance, FEDERAL REGULATION, Federal Trade Commission, Truth in Lending Act

December 2009 - Feature

Rebooting the Robocall Rule

By Rob Cohen, Esq.

When the FTC revised its telemarketing rule, it did so to curb the use of robocalls. Compliance expert breaks down the changes.

Tags: Compliance, Federal Trade Commission, robocalls, telemarketing

September 2009 - Feature

A Dealer’s Guide to Compliant Paperwork

By Joe Bartolone

As most dealers know, paperwork can be a friend and foe. Compliance expert provides his guide for correcting 10 of the most common paperwork errors.

Tags: book-out sheets, Compliance, credit applications, credit reports, Dealer's Guide to Compliant Paperwork, driver's licenses, F&I menus, forms programming, OFAC checks, rebate forms, sales department, used vehicles

June 2009 - Feature

Legislators in Need of Cooling-Off Period

By Michael Benoit

On May 12, Congress held a hearing on a bill that would give the Federal Trade Commission broad new powers to regulate automobile dealers. The bill, H.R. 2309, directs the FTC to adopt rules that prevent unfair and deceptive practices by dealers regarding credit and lending.

Tags: Compliance, LEGAL, Michael Benoit

May 2009 - Feature

Consumer Protection Gone Wrong

By Michael Benoit

In these tough economic times, the last thing business needs are unreasonable impediments on the sale of goods and services. Hasn’t all the bailout and stimulus spending been focused on unfreezing credit markets so folks can spend money and boost the economy?

Tags: Compliance, LEGAL, Michael Benoit

May 2009 - Feature

Pay-Plan Breakdown

By Joe Bartolone

When it comes to F&I pay plans, don’t be surprised by what you get. Compliance auditor breaks down eight commonly used pay-plan objectives and provides his take on how they impact a dealership’s goals.

Tags: Compliance, CSI, front-end profit, payment packing, payment plan, product penetration

April 2009 - Feature

Rules of the Road: Basics of Truth in Advertising Laws

By Michael Benoit

In these tough economic times, driving business into the showroom is more important than ever. Many merchants invest significant resources into advertising their products in a manner designed to entice potential customers.

Tags: Compliance, LEGAL, Michael Benoit

April 2009 - Cover Story

12 Hot-Button Issues for 2009

By Terrence O'Loughlin and Justina Ly

As state and federal regulators increase their vigilance of finance transactions, dealers will need to be on high alert when it comes to their F&I processes. Former compliance regulator addresses F&I's brave new world of compliance.

Tags: Compliance, Fair and Accurate Credit Transactions Act of 2003, FEDERAL REGULATION, Federal Trade Commission, federal usury cap, spot delivery, used vehicles

April 2009 - Feature

Part II: Tackling Adverse Action Notices

By Jim Ganther

Knowing what triggers an adverse action notice can definitely be baffling, but so can the rules governing content and timing. Legal expert weighs in with part II of F&I's series on adverse action notices.

Tags: Adverse Action Notice, AFIP, Compliance, ECOA, Fair Credit Reporting Act, Federal Trade Commission

March 2009 - Feature

Choosing Your Lead Provider

By Michael Benoit

In these tough economic times, many dealers are looking for ways to cut expenses and protect cash flow. Some will feel the need to cut back on advertising, while others will recognize that advertising can be a lifeline in a down market.

Tags: Compliance, LEGAL, Michael Benoit

March 2009 - Feature

Staying in Control

By Kristen Force

There are reasons why The Suburban Collection, the 14th largest dealer group in the nation, has achieved 60 years in the business. Learn how the dealer group has maintained its success.

Tags: Compliance, dealer, Florida, JP Morgan Chase, Michigan, NADA, Saturn, Volvo

February 2009 - Feature

6 Ways to Keep Regulators at Bay

By Michael Benoit

Tough times usually mean an increase in the number of consumer complaints filed against retailers and creditors, at least that's been the case in my experience. So, as we face what many believe will be a difficult year for profits, it’s probably a good idea for you to be diligent about enforcing your store’s compliance policies and procedures.

Tags: Compliance, LEGAL, Michael Benoit

January 2009 - Feature

Choosing The Right Lead Provider

By Michael Benoit

In these tough economic times, many dealers are looking for ways to cut expenses and protect cash flow. Some will feel the need to cut back on advertising, while others will recognize that advertising can be a lifeline in a down market.

Tags: Compliance, LEGAL, Michael Benoit

December 2008 - Feature

Game On for Red Flags

By Michael Benoit

Many financial institutions and creditors around the country have spent the last six or so months working diligently to implement their identity theft prevention programs as mandated by Congress and the Federal Trade Commission’s new Red Flags Rule.

Tags: Compliance, Federal Trade Commission, LEGAL, Michael Benoit, Red Flags Rule

November 2008 - Feature

Pound for Pound, Prevention Always Wins

By Michael Benoit

I have the opportunity to work with several clients that provide sales and F&I training to dealers. On those occasions where I’m asked to help develop training content, I always include a section on payment packing.

Tags: Compliance, LEGAL, Michael Benoit, payment packing

October 2008 - Feature

FTC Disconnecting Telemarketing

By Michael Benoit

Dealers have all kinds of technology available these days to help them increase profitability, operate more efficiently, and generally make their lives easier. Like anything else, technology can come with legal baggage, and care must be taken to avoid an unintended compliance violation.

Tags: Compliance, Federal Trade Commission, LEGAL, Michael Benoit, telemarketing

September 2008 - Feature

Get Smart, Get It Right

By Michael Benoit

“Missed it by thaaat much . . .” That phrase always brings to mind the inimitable Don Adams and his bumbling but well-intentioned television character, Maxwell Smart.

Tags: bankruptcies, Compliance, LEGAL, Michael Benoit

August 2008 - Feature

Investigatory Etiquette

By Michael Benoit

Many dealers I talk to have an appreciation for the value good compliance practices bring to their operation.

Tags: Compliance, Federal Trade Commission, LEGAL, Michael Benoit

July 2008 - Feature

New Disclosure Rule Proposed for Auto Finance Customers

By Michael Benoit

Way back in 2003, Congress passed the Fair and Accurate Credit Transactions Act (FACTA). We’ve talked about it a lot in this column. For us lawyers, it’s the gift that keeps on giving, and it just gave again with the recent proposal for the last of the major rules it mandated.

Tags: Compliance, Fair and Accurate Credit Transactions Act of 2003, Federal Reserve, Federal Trade Commission, LEGAL, Michael Benoit

June 2008 - Feature

Auto Finance Marketing Redux: What’s Old is New Again

By Michael Benoit

Dealers have been contracting for years with marketing companies that use so-called prescreen lists to offer auto financing to qualified consumers. The Fair Credit Reporting Act (FCRA) requires that each person on such a list receive a “firm offer of credit”.

Tags: Compliance, Fair Credit Reporting Act, LEGAL, Michael Benoit

May 2008 - Feature

What’s On Your Receipt?

By Michael Benoit

I’ve mentioned the Fair and Accurate Credit Transaction Act of 2003 (FACTA) several times in this column. You’ll recall that FACTA made significant amendments to the Fair Credit Reporting Act (FCRA), many in ways one may not have expected.

Tags: Compliance, Fair and Accurate Credit Transactions Act of 2003, Fair Credit Reporting Act, Federal Trade Commission, LEGAL, Michael Benoit

April 2008 - Feature

Making a Legal Distinction

By Michael Benoit

Let’s face it; the law is not always the most stimulating topic for those of you who have lives. But knowledge is power, and it’s important to your business.

Tags: Compliance, LEGAL, Michael Benoit

March 2008 - Feature

Can I Have That in Writing?

By Michael Benoit

A series of attacks on document preparation fees in several states has resulted in a line of cases holding that charging a fee to fill in the blanks on legal documents (for example, retail installment sale contracts) is the practice of law.

Tags: Compliance, LEGAL, Michael Benoit

February 2008 - Feature

Paying Attention Does Cost Less

By Michael Benoit

Since 2003, I’ve been running around the country trying to impress upon people the fact that the Federal Trade Commission (FTC) is serious when it comes to safeguarding consumer information.

Tags: Compliance, Federal Trade Commission, LEGAL, Michael Benoit

January 2008 - Feature

Red Flag Warning

By Michael Benoit

Unless you’ve been living under a rock, you all know that Southern California has had its share of devastating wildfires over the last several months. If you live in Southern California, you’ve experienced the hot Santa Ana winds and the “red flag warnings” that accompany them — that is, warnings of the potential for such a catastrophe.

Tags: Compliance, LEGAL, Michael Benoit, Red Flags Rule

December 2007 - Feature

The Cost of Doing Business

By Michael Benoit

We’ve talked a lot about “process and procedure” in these columns, particularly as it relates to compliance. The operative word here is good, because procedures that conform to a lesser standard can really put a dent in your retirement plan.

Tags: Compliance, LEGAL, Michael Benoit, retail installment contracts

November 2007 - Feature

What’s On Your Receipt?

By Michael Benoit

You may recall the drama that played out in 2003 with regards to renewing certain provisions of the Fair Credit Reporting Act (FCRA). They were set to expire at the end of that year (if you don’t recall, trust me, folks in D.C. were losing sleep over this).

Tags: Compliance, Fair and Accurate Credit Transactions Act of 2003, Fair Credit Reporting Act, LEGAL, Michael Benoit

October 2007 - Feature

Picking Your Battles

By Michael Benoit

Let’s face it — dealers get sued for a lot of things; sometimes it’s justified, sometimes not. The savvy dealer knows this and takes steps to manage risk accordingly.

Tags: Compliance, LEGAL, Michael Benoit

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Longing, Not Loathing

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Stop That Train!

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‘Da Man’ gets a little reflective about his recent surgery before regaining form and doing what he does best.

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In This Issue
Here are some of the Highlights:

  • She’s Buying
  • Character Development
  • Ending the Cycle
    And much more…

  • News Channels